Government-wide statements report on assets and liabilities that are denied recognition on funds statements. Entrepreneurs Consultants,…

Government-wide statements report on assets and liabilities that
are denied recognition on funds statements. Entrepreneurs
Consultants, a state agency, was estab- lished to provide
consulting services to small businesses. It maintains only a single
general fund and accounts for its activities on a modified accrual
basis. During its first month of operations, the association
engaged in, or was affected by, the following transactions and
events: 1. It received an unassigned grant of $100,000. 2. It
purchased five computers at $2,000 each. 3. It paid wages and
salaries of $6,000. 4.
Itborrowed$24,000fromabanktoenableittopurchase an automobile. It
gave the bank a long-term note. 5. It purchased the automobile for
$24,000. 6. It made its first payment on the noteinterest of $200.
7. It destroyed one of its computers in an accident. The computer
was not insured. a. Prepare journal entries in the general fund to
record each of the transactions or other events. b. Prepare a
balance sheet and a statement of revenues and expenditures for the
general fund. c. Prepareagovernment-widestatementofnetposition
(balance sheet) and statement of activities. These should be on a
full accrual basis. Assume that the capital assets have a useful
life of five years and that no
depreciation is to be charged on the computer that was
destroyed. THIS QUESTION IS SOLVED ALREADY BUT I WOULD
LIKE TO RECONCILE THE CASH $ 83,800 AND THE FUND BALANCE $ 85,400.
THE ANSWER IS ALREADY ON CHEGG SO YOU CAN TAKE A LOOK AND JUST
RECONCILE THE TWO AMOUNTS.

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